LAS VEGAS — MGM Resorts International is selling the real estate assets of the MGM Grand on the Las Vegas Strip to a joint venture for about $2.5 billion.
The joint venture includes private-equity and real estate company Blackstone Group and MGM Growth Properties LLC.
MGM Resorts anticipates cash proceeds of approximately $2.4 billion.
The joint venture will be owned 50.1 percent by MGM Growth Properties and 49.9 percent by Blackstone. It will also acquire the real estate assets of Mandalay Bay from MGM Growth Properties.
